Gensyn, a provider of blockchain-based computing resources for artificial intelligence platforms (AI), has received a new investment. It has secured a $43 million Series A funding round led by venture capital giant a16z. Here are the details…
A big investment in artificial intelligence came from a16z
The UK-based company’s protocol allows developers to build AI systems on smaller data centers, gaming PCs and other connected hardware and pay on demand. Gensysn uses a cryptographic verification network that allows users to determine the correct completion of machine learning work shared over the protocol without the need for intermediaries. Gensysn co-founder Ben Fielding used the following statements in his press release:
Realizing the potential of (artificial intelligence) requires a great deal of computational power. We harness the electricity of a new era and make it available to everyone on an unlimited scale and at fair market prices.
Such widespread accessibility, Fielding said, is “necessary” to avoid “dangerously biased technology that serves many but is built by a few.” According to the founder, the key to a useful and cohesive AI is to allow everyone in the world to contribute to the development of this technology. In the statement, Gensyn co-founder Harry Grieve also stated that “in decentralized networks, value accrues to the network as a function of supply and demand.” “It also sharply increases the amount of computing supply by connecting previously underutilized hardware from around the world,” he said.
Increasing interest in the field
The announcement comes at a time of growing interest in artificial intelligence, which could potentially transform the way businesses operate in a number of industries, including media, retail, manufacturing and financial services. Last month, computer chip maker Nvidia, whose products are an integral part of the graphics processing units (GPUs) at the heart of artificial intelligence systems, reached a valuation of $1 trillion.
cryptocoin.com As we reported, with his latest tour, Gensyn has raised more than $50 million. The company said it will use the new capital to accelerate the introduction of the protocol and expand its workforce, including the addition of protocol and machine learning engineers. Leading investment firms CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and various AI and crypto venture capitalists and angels joined a16z in this round. Ali Yahya, General Partner of a16z crypto, said in a statement:
Recent advances in AI are incredible, but significant computing power requirements give big tech companies an edge over newcomers in the race to capture the value of AI. We believe that no one better than Gensyn can unite the knowledge and cultural understanding of both the AI and crypto cypherpunk worlds, and we look forward to partnering with them to make AI infrastructure much more widely available.
